Public policy towards industrial restructuring: some issues raised by the internal market programme
Author: Neven, Damien J. ; Vickers, JINSEAD Area: Economics and Political Science In: European industrial restructuring in the 1990s - Cool, Karel;Neven, Damien J.;Walter, Ing - 1992 - INSEAD Book Language: EnglishDescription: p. 162-198.Type of document: INSEAD ChapterNote: Please ask us for this itemAbstract: In this paper, the extent to which restructuring has already occurred in anticipation of the internal market is assessed and the record of intervention towards restructuring by European governments is examined. Finally, an assessment is made of whether public policy towards restructuring is warranted. First, it is observed that restructuring has indeed occurred since 1985, mainly through capital market transactions and joint ventures. Evidence of product market restructuring is less clear. As to the record of intervention, it is found that EC governments have focused on declining industries and a small proportion of total aid has been targeted at particular market failures. Finally, reviewing the recent literature in industrial organization dealing with restructuring, little in the way of the tentative conclusion that restructuring is best left to market forces is found| Item type | Current location | Collection | Call number | Status | Date due | Barcode | Item holds |
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Digital Library | Available | BC000414 |
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In this paper, the extent to which restructuring has already occurred in anticipation of the internal market is assessed and the record of intervention towards restructuring by European governments is examined. Finally, an assessment is made of whether public policy towards restructuring is warranted. First, it is observed that restructuring has indeed occurred since 1985, mainly through capital market transactions and joint ventures. Evidence of product market restructuring is less clear. As to the record of intervention, it is found that EC governments have focused on declining industries and a small proportion of total aid has been targeted at particular market failures. Finally, reviewing the recent literature in industrial organization dealing with restructuring, little in the way of the tentative conclusion that restructuring is best left to market forces is found
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